Nominate or Review your Beneficiary
A feature of your credit union membership is that you may choose to nominate one or more beneficiaries of your account. This is the person or people who will receive your savings and life insurance up to a maximum of €27,000, in the event of your death. Anything above this limit must go to your estate.
You may decide not to nominate anybody, in which case your entire savings and insurance will go to your estate.
Why should you review your nominee(s)?
It is important that members review their nominee(s) regularly to ensure that the nomination is still valid. A nomination would be invalidated by:
- Marraige - your spouse would have a legal right to your shares and insurance.
- Death - the person or people you originally nominated may have died before you. In this case, your savings and life insurance will go to your estate.
Why else should you review your nominee?
You may have divorced or separated since you originally made your nomination. You may no longer wish your ex-spouse or ex-partner to benefit from your savings. If they are listed as the nominee on your account, even if you leave a will, they will receive your savings and insurance up to €27,000. The balance above this would go to your estate.
You could remove them as a nominee, nominate someone else, or not name any nominees and allow the funds go to your estate.
How do I review/change my nominee?
Simply ask at the counter if there is a nominee on your account and who it is, call us on 0818 297 007, or email help@lucancu.ie
To change a nominee, you simply complete a form at the counter. You must do this in person because your signature must be witnessed by a staff member.
